The Fed held at 3.50 to 3.75 percent, over three votes to raise
FOMC statement, released 2:00 p.m. EDT, July 29, 2026. The decision passed 9–3, with all three dissenters preferring a quarter-point hike.
From the statement
“The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.”
“Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.”
Full text: federalreserve.gov
What this record is: the Federal Reserve's own words on decision day. For how rare a three-way split in one direction is, what changed from June, and what the press got right and wrong about it, read the event page. The Committee's internal discussion is in the companion record, the minutes.
How we checked this
The quotes above were captured directly from the Federal Reserve's website and compared word-for-word against the published statement. The source page was saved at capture time so the record stays verifiable even if the page changes. The vote count comes from the statement's own release line and the meeting minutes. Details of our process are on the methodology page.